Next Generation Islamic Economics and Management Sciences Scholarship (NextGenIEMS)
Background
Islamic economics, finance, accounting, and management have evolved over the last five decades into a unique academic discipline. As a pioneer in this field since 1983, the Kulliyyah of Economics and Management Sciences (KENMS) at IIUM is now looking toward the future to reimagine how Islamic economics can contribute meaningfully to the well-being of the Ummah and humanity at large, in alignment with the principles of a Sustainable Humane Economy (SHE).
This reorientation calls for not only a reassessment of past progress and present realities but also a proactive engagement with emerging global and societal challenges. In response, KENMS, through its Centre for Islamic Economics, and with support from the Ministry of Finance (MOF) and Ministry of Higher Education (MOHE) Malaysia, has introduced a visionary framework titled Vision SHE: Sustainable Humane Economy.
Rooted in the concept of humankind as ‘Abd Allah and Khalifah fi’l- ‘Ard, Vision SHE seeks to build a value-based, socially responsible, and just economic framework that is ethical, inclusive, and future-proof.
SHE (Sustainable Humane Economy) Pillars
The SHE framework highlights five transformative areas that should guide future research and reform:
- Inclusive and responsible production and trade
- Equitable distribution of resources
- Integration of the financial and real economy
- Resilient and sustainable eco-environment
- Transparent and accountable governance
Achieving Vision SHE requires the reformation of Islamic economic thinking, a revival of its ethical-philosophical roots, and the cultivation of a new generation of visionary scholars equipped to tackle contemporary challenges.
As part of this long-term mission, KENMS proudly introduces the Next Generation Islamic Economics and Management Sciences Scholarship (NextGenIEMS).
Scholarship Allocation Structure
A total of 20 Master’s scholarships will be awarded under this scheme, with five (5) allocated to each department within KENMS:
Department | No. of Scholarships |
Economics | 5 |
Finance | 5 |
Accounting | 5 |
Business Administration | 5 |
All scholarship recipients must undertake dissertation research aligned with Islamic economics and finance, with themes clearly tied to one or more of the five AIAW pillars listed earlier.
Financial Structure of the Scholarship (RM 20,000 per Student)
Each scholarship offers up to RM 20,000 in support, covering tuition fees and monthly living stipends for up to two academic years. Scenarios based on IIUM fee structures are outlined below:
Student Type | Programme | Tuition Fee Covering | Remaining for Stipend | Monthly Stipend (×18) |
Malaysian | Mixed Mode | RM 9,350* | RM 10,650 | RM 591.66 |
International | Mixed Mode | RM 11,340** | RM 8,660 | RM 481.11 |
* Total fee for full time Malaysian students
** Tuition fee (Coursework) for full time International students
Candidate Prioritisation & Eligibility Guidelines
Category | Requirement |
Academic | Minimum CGPA of 3.5 (from Bachelor’s) |
Status | Local or international students (Final Sem.) |
Specialisation | Preference to those in Islamic economics & finance specialisation |
Background | Must NOT have any disciplinary record |
Programme Scope | Open to KENMS and others, Existing Final Sem. Bachelor’s, Graduated & New Master’s students |
Priority will be given to students who:
- Are specialising in Islamic economics and finance at IIUM or other institutions
- Have completed relevant Islamic economics & finance packages
- Demonstrate research intent that clearly aligns with the Vision SHE goals
Other applicants may still be considered if they submit a strong justification on how their proposed research aligns with the scholarship’s objectives.
Scholarship Holder Commitment
Recipients of the scholarship must adhere to the following conditions:
|
Requirement |
Description |
|
Research Focus |
Dissertation in Foundations, Theory, or Applied Islamic Economics |
|
Academic Performance |
Maintain a CGPA of at least 3.5 throughout the study period |
|
Research Publication |
Publish or get acceptance in indexed journal (WoS/Scopus/ERA/MyCite) |
|
Co-authorship |
Article must be co-authored with supervisor and acknowledge the scholarship exclusively |
|
Participation |
Active role in department and CIE & PG KENMS activities |
|
Timeline |
Article publication within 12 months of receiving scholarship |
|
Service |
Serve as Graduate Research Assistant (GRA) |
|
Study Duration |
Graduate within the normal duration of study |
Note: No double-counting of indexed publication is allowed with any other funding source.
Application and Timeline
Phase | Date Range / Notes |
Application Period | 1 July 2025 – 31 August 2025 |
Interview/Decision | Shortlisted candidates only 15th September 2025 |
Selection Committee | Joint MoF-CIE-KENMS Committee |
Submission Options
Method | Address / Contact |
Hardcopy | Deputy Dean, Postgraduate, Research & Innovation, KENMS, IIUM |